Lender Spotlight: Protective Life 2021 Program Summary
Lender Spotlight: Protective Life 2021 Program Summary

PSRS is highlighting Protective Life’s current lending program. Terms that they can provide for future borrowers are listed below:
- Loan Size: $3M-$50M
- Term Length: 3-25 years (can go as long as 25/25)
Indicative Rates Today (best case):
- 3-yr term: 2.5%
- 5-yr term: 2.625%
- 7-yr term: 2.975%
- 10-yr term: 3.0%
- 15-yr Full AM: 3.125%
How Protective Life’s Appetite Varies by Asset Type:
- Senior Housing: They must be established for 10 years or longer and fully staffed. Focused on independent living, assisted living, and memory care facilities.
- Suburban Multifamily: Preference for surfaced parked, B quality assets.
- Industrial: Very active in this space.
- Self-storage: Protective have pulled back and are taking a measured look on self-storage as there’s an influx of new product in the market. Qualities they are looking for: Owner’s experience, 5-year track record on the subject property, good average occupancy, quality property, and sponsorship. They will typically provide a max loan of 65% LTV, using an internal cap rate of 6.5%-7.0%.
- Office: Currently not focusing on this product type but will look at it conservatively. Would require a credit tenant with a lease of 10 years or longer. Protective is bullish on medical offices, preferring them to have proximity to a hospital campus. While flexible on MOB, they will be looking for tenant financials and long-term practices.
- Retail: Selective preference for grocery-anchored properties as well as Home Depots, Lowes, Walmart, hobby lobby, etc. Primarily they are looking for essential services and companies that have fared well in 2020.
Short-term Program on Stabilized Asset Types:
- Fixed-rate with pre-pay flexibility.
- 3 or 5-year term.
- 12 or 18 months locked out, then open at par.
- A 3-year deal might be a 3% indicative rate.
Feel free to reach out to us with any questions or with any opportunities that you would like to discuss with us!